Advance Loans Sample Clauses

Advance Loans. The obligation of each Advance Loan Lender to make any Advance Loan to be made by it under Section 2.1(b) hereof is further subject to the following: (a) The Advance Loans shall be requested for the purpose of paying a portion (not to exceed 75%) of the purchase costs related to real Property or material personal Property purchased within a particular 270 Day Period which shall be equal to or greater than the lesser of $13,333,334 or 1.33 times the Advance Loan Commitments remaining unused. The Property so acquired is herein collectively called an "Acquisition Package". (b) The execution and delivery of a Purchase Agreement, in Proper Form, providing for the acquisition by an Obligor of the applicable Acquisition Package, including the rights of the franchisees under the Franchise Agreements relating to restaurants included in such Acquisition Package, and the closing of the transactions provided therein (subject only to funding of the applicable Advance Loans under Section 2.1(b)). (c) Copies, in Proper Form and certified as true, correct and complete, of financial information regarding such properties as of a recent date, together with pro forma financial statements for the Borrower assuming the closing of the applicable Acquisition Package. (d) Agent shall have received an environmental report satisfactory to the Majority Lenders with respect to the applicable Acquisition Package prepared by an environmental consultant or environmental consultants satisfactory to Agent. (e) Agent shall have received evidence satisfactory to the Majority Lenders that BKC shall have consented in writing to such purchase without conditions except as approved by the Majority Lenders in writing and the Agent shall have received an amendment to the BKC Consent (or an additional BKC Consent), in Proper Form, incorporating the applicable Acquisition Package. (f) Agent shall have received Mortgages and other Security Documents providing for a Lien upon the applicable Acquisition Package (other than Excluded Assets) securing the applicable Advance Loan Tranche, together with Advance Notes evidencing the applicable Advance Loan Tranche and such other documentation as Agent or the Majority Lenders may reasonably request in connection therewith. (g) Compliance with the provisions of Section 7.12 hereof, to the extent applicable, and with Section 8.14 hereof. (h) The making of such Advance Loan and the execution and delivery of the Security Documents relating thereto shall not cause ...

Advance Loans. Subject to all of the terms and conditions of this Agreement (including Paragraph 8 hereof), Borrower shall have the right to utilize a portion of the Total Commitment from time to time prior to or on September 30, 1998 by obtaining from Lender one or more Advance Loans for the purposes of financing up to eighty percent (80%) of the actual Hard Costs incurred by Borrower in connection with the purchase of new Equipment; provided, that in no event shall Lender have any obligation to advance any Advance Loan if (a) the original principal amount of such Advance Loan plus the aggregate principal amount of all other Advance Loans then outstanding at such time would exceed $4,000,000.00, or (b) the original principal amount of such Advance Loan plus the aggregate principal amount of all other Loans then outstanding at such time (including all Revolving Loans) would exceed the Total Commitment. Each Advance Loan shall be evidenced by a separate promissory note executed by Borrower, payable to the order of Lender in the original principal amount of the funds advanced under the applicable Advance Loan. Each of such promissory notes shall have a maturity not greater than forty-eight (48) months from the date of the applicable Advance Loan and shall require equal monthly principal installments in the amount necessary to fully amortize the original principal balance thereof over the term of the applicable Advance Note. Accrued and unpaid interest shall also be due and payable with and in addition to each installment of principal. Each Request for Advance of an Advance Loan must also be accompanied by satisfactory invoices, vouchers and other evidence necessary to confirm the actual amount of "hard costs" incurred by Borrower in connection with the applicable purchase of Equipment. The principal amount of any Advance Loans repaid may be reborrowed pursuant to the terms of this Agreement, and Borrower and Lender further acknowledge and agree that Chapter 15 of the Texas Credit Code shall not apply to any of the Advance Loans or the Advance Notes. Both parties hereto agree that the terms and conditions of this Agreement shall hereafter govern the Advance Loans until payment in full of the amounts outstanding thereunder.

Advance Loans. The obligation of each Lender to make an Advance Loan is further subject to the satisfaction or waiver of the following conditions: (a) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that the principal amount of the applicable Advance Loan shall not exceed eighty percent (80%) of the then current net orderly liquidation value of the applicable equipment or facility build out or the applicable equipment constructed or acquired, as demonstrated to the reasonable satisfaction of the Administrative Agent, which is then subject to the Liens of the Security Documents. For the avoidance of doubt, it is hereby acknowledged and agreed that as of the Effective Date, the applicable aggregate net orderly liquidation value of such equipment and facility build out is $46,170,000.00. (b) Delivery to the Administrative Agent of a desk top appraisal of net orderly liquidation value, reasonably satisfactory to the Administrative Agent, on all equipment or facility build out and all equipment constructed or acquired for which the Administrative Agent has not yet previously received an appraisal.

Advance Loans. The failure or refusal of Borrower to pay any part of the principal of or interest on any Advance Loan on the date such payment is due.

Advance Loans. The obligation of each Lender to make an Advance Loan is further subject to the satisfaction or waiver of the following conditions: (a) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that the principal amount of the applicable Advance Loan shall not exceed fifty percent (50%) of the then current net orderly liquidation value of the applicable equipment constructed or acquired, as demonstrated to the reasonable satisfaction of the Administrative Agent. (b) Delivery to the Administrative Agent of an appraisal, acceptable to the Administrative Agent, of the applicable equipment constructed or acquired. (c) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that, for each of the two full preceding fiscal months, EBITDA for the Borrower shall have been (i) equal to or greater than $1.00 and (ii) equal to or greater than the average monthly EBITDA for the twelve month period ending on the last day of the most recently ended fiscal month.

Advance Loans. Subject to the terms and conditions set forth herein, Lender agrees to make a single advance or multiple advances, on a non-revolving basis (each such advance, an “Advance Loan”), to Borrower from time to time on any Business Day during the period from the Agreement Date to the first to occur of the (a) Advance Availability Termination Date, and (b) the Advance Loan Maturity Date, in an aggregate amount not to exceed the lesser of (y) the Advance Commitment, and (z) the Advance Availability. Advance Loans, once repaid, may not be reborrowed.